The bank traces its history to 1892, when Bernard Francis Saul founded the B.F. Saul Company, a mortgage and real estate firm.[4] On October 11, 1955,[2] a savings and loan charter was granted to a group of Baltimore area businessmen but never used. In 1969, the charter was purchased and the Chevy Chase Savings And Loan Association was established, taking the name from Chevy Chase, Maryland.
Saul's grandson, B. Francis Saul II, opened the S&L on December 1, 1969, fifty years to the day after his grandfather, B. F. Saul opened Home Savings and Loan (subsequently merged into American Security Bank – now part of Bank of America). It became an FDIC insured federal savings bank in 1985 and changed its name to Chevy Chase Savings Bank, F.S.B. accordingly the following year.
It acquired the Standard Savings and Loan Association of Grundy, Virginia, in 1988.
It adopted its most recent name in 1994, and on January 16, 1996, moved its registration from Chevy Chase to McLean.[5] It moved into its actual headquarters in Bethesda in 2001. In 1995, it acquired the historic Alex. Brown & Sons Building in Baltimore, Maryland, which was renovated the following year and used for a branch office.[6]
On December 4, 2008, Capital One announced it would be acquiring Chevy Chase Bank.[7] The acquisition was completed on February 27, 2009.[8] On Friday, September 10, 2010, at 7pm, Chevy Chase Bank shed its name, opening its doors on Monday, September 13, 2010, as Capital One Bank.[citation needed]
Business structureEdit
The bank's core business was residential mortgages and consumer banking; its mortgage subsidiary, the B.F. Saul Mortgage Company, was one of the leading mortgage originators in the region.[9] As of December 31, 2007, it held $14.0 billion in deposits.[2] Chevy Chase Bank had more than 290 branches[1] in Delaware, Maryland, Virginia, and the District of Columbia, and claimed to have the largest network of ATMs in the Washington area.[10]
Chevy Chase Bank was the subject of two national class action lawsuits for violations of the Truth in Lending Act of 1968 involving as many as 7,000 mortgage borrowers.[13] A federal district court ruled against the bank in January 2007, but the ruling was stayed pending appeal to the U.S. 7th Circuit Court of Appeals. The Seventh Circuit Court of Appeals overturned the federal district ruling in September, 2008.
The bank also agreed to pay $16 million to settle a class action alleging it charged late fees and high interest rates to credit card holders, although it denied wrongdoing.[3]
^LM&O Advertising. . Archived from the original on 2008-04-30. Retrieved 2008-05-13.
^Downey, Kirstin (2007-02-06). "A Fight Over the Fine Print". The Washington Post. p. D1.
External linksEdit
August 25, 2023
chevy, chase, bank, confused, with, chase, bank, trust, company, largest, locally, based, banking, company, washington, metropolitan, area, acquired, capital, february, 2009, rebranded, capital, bank, september, 2010, despite, name, federally, chartered, thrif. Not to be confused with Chase Bank or Chevy Chase Bank and Trust Company Chevy Chase Bank F S B was the largest locally based banking company in the Washington Metropolitan Area 3 It was acquired by Capital One in February 2009 and rebranded as Capital One Bank in September 2010 Despite its name Chevy Chase Bank was a federally chartered thrift regulated by the Office of Thrift Supervision rather than a bank Chevy Chase Bank F S B Chevy Chase Bank headquarters in 2008TypePrivateFounded1955 68 years ago 1955 FounderB F Saul IIDefunctSeptember 10 2010 12 years ago 2010 09 10 FateAcquired by Capital OneSuccessorCapital One known as Capital One Bank HeadquartersBethesda Maryland United StatesNumber of locations292 Jun 30 2008 1 Area servedWashington Metropolitan AreaTotal assets 18 3 billion Mar 31 2009 2 Number of employees4 381 Dec 31 2007 2 Websitewww chevychasebank comIt was formerly held and controlled by the B F Saul Real Estate Investment Trust B Francis Saul II who founded the REIT and is the grandson of the founder of the B F Saul Company served as its chairman 4 Contents 1 History 2 Business structure 3 Competition 4 Litigation 5 References 6 External linksHistory EditThe bank traces its history to 1892 when Bernard Francis Saul founded the B F Saul Company a mortgage and real estate firm 4 On October 11 1955 2 a savings and loan charter was granted to a group of Baltimore area businessmen but never used In 1969 the charter was purchased and the Chevy Chase Savings And Loan Association was established taking the name from Chevy Chase Maryland Saul s grandson B Francis Saul II opened the S amp L on December 1 1969 fifty years to the day after his grandfather B F Saul opened Home Savings and Loan subsequently merged into American Security Bank now part of Bank of America It became an FDIC insured federal savings bank in 1985 and changed its name to Chevy Chase Savings Bank F S B accordingly the following year It acquired the Standard Savings and Loan Association of Grundy Virginia in 1988 It adopted its most recent name in 1994 and on January 16 1996 moved its registration from Chevy Chase to McLean 5 It moved into its actual headquarters in Bethesda in 2001 In 1995 it acquired the historic Alex Brown amp Sons Building in Baltimore Maryland which was renovated the following year and used for a branch office 6 On December 4 2008 Capital One announced it would be acquiring Chevy Chase Bank 7 The acquisition was completed on February 27 2009 8 On Friday September 10 2010 at 7pm Chevy Chase Bank shed its name opening its doors on Monday September 13 2010 as Capital One Bank citation needed Business structure EditThe bank s core business was residential mortgages and consumer banking its mortgage subsidiary the B F Saul Mortgage Company was one of the leading mortgage originators in the region 9 As of December 31 2007 it held 14 0 billion in deposits 2 Chevy Chase Bank had more than 290 branches 1 in Delaware Maryland Virginia and the District of Columbia and claimed to have the largest network of ATMs in the Washington area 10 According to ABA routing information it was based in Laurel Maryland while the bank s headquarters offices were in downtown Bethesda Maryland at the corner of Wisconsin Avenue and East West Highway According to its FDIC certificate the firm was headquartered in McLean Virginia This was before being acquired by McLean based Capital One not after Competition EditIts main competitors were the retail banking divisions of larger supraregional companies such as Bank of America BB amp T SunTrust Banks and Wachovia 11 and so emphasized its local nature and community involvement in its advertising The bank used a caricature portrayal of Benjamin Franklin as its advertising mascot who repeated the tagline The Leading Local Bank in its television commercials 12 Litigation EditChevy Chase Bank was the subject of two national class action lawsuits for violations of the Truth in Lending Act of 1968 involving as many as 7 000 mortgage borrowers 13 A federal district court ruled against the bank in January 2007 but the ruling was stayed pending appeal to the U S 7th Circuit Court of Appeals The Seventh Circuit Court of Appeals overturned the federal district ruling in September 2008 The bank also agreed to pay 16 million to settle a class action alleging it charged late fees and high interest rates to credit card holders although it denied wrongdoing 3 References Edit a b Federal Deposit Insurance Corporation June 30 2008 Summary of Deposits Archived from the original on July 21 2011 Retrieved 2009 08 21 a b c d Federal Deposit Insurance Corporation Institution Directory Chevy Chase Bank F S B Archived from the original on 2010 06 16 Retrieved 2009 08 21 a b The Washington Post 2007 Post 200 Chevy Chase Bank FSB Archived from the original on June 29 2007 a b Chevy Chase Bank 2007 Annual Report PDF Archived from the original PDF on 2008 07 08 Retrieved 2008 05 12 History of Chevy Chase Bank F S B Chevy Chase Maryland FDIC Cert 32324 Archived 2006 10 06 at the Wayback Machine FDIC gov HMdb org The Historical Marker Database Alex Brown amp Sons Company Building Retrieved 2008 05 13 Goldfarb Zachary A Binyamin Appelbaum 2008 12 04 Capital One To Buy Local Banking Icon Chevy Chase The Washington Post Capital One Completes Acquisition of Chevy Chase Bank Archived from the original on 2009 04 14 Retrieved 2017 06 30 District of Columbia Department of Insurance Securities and Banking Chevy Chase Bank FSB Archived from the original on 2007 11 15 Retrieved 2008 05 11 Chevy Chase Bank About Us Archived from the original on 2008 05 11 Retrieved 2008 05 11 Federal Deposit Insurance Corporation Deposit Market Share Report Metropolitan Statistical Area Washington Arlington Alexandria DC VA MD WV Archived from the original on 2006 09 30 Retrieved 2008 05 12 LM amp O Advertising TV Archived from the original on 2008 04 30 Retrieved 2008 05 13 Downey Kirstin 2007 02 06 A Fight Over the Fine Print The Washington Post p D1 External links EditChevy Chase Bank website U S Department of Justice United States v Chevy Chase Bank Retrieved from https en wikipedia org w index php title Chevy Chase Bank amp oldid 1112616337, wikipedia, wiki, book, books, library,
